Examples of Unencumbered Assets in a sentence
As of each Reporting Date, Unencumbered Assets (as defined below) shall be at least 125% of Unsecured Debt (as defined below).
Note: Unencumbered Assets = Net Worth – (Contingencies + Reserved Capital).
The Company and its Subsidiaries shall maintain at all times Unencumbered Assets of not less than 150% of the aggregate principal amount of all outstanding Unsecured Debt of the Company and its Subsidiaries.
The Company and its Subsidiaries shall maintain Total Unencumbered Assets of not less than 120% of the aggregate outstanding principal amount of the Unsecured Indebtedness of the Company and its Subsidiaries, in each case on a consolidated basis.
Under the Plan, however, Holders of Allowed General Unsecured Claims are entitled to a Pro Rata share of the First Lien Term Loan Contribution in addition to any residual proceeds from the Unencumbered Assets and any Available Additional DIP Collateral Proceeds.